The invention relates to the production of hydrocarbons from carbon oxides and hydrogen or a hydrogen source, commonly referred to as the Fischer-Tropsch process. The invention specifically relates to a novel catalyst comprising moderated ruthenium on an inorganic oxide support. The invention specifically relates to a Fischer-Tropsch process employing a catalyst comprising uniformly sized particles of ruthenium in effective contact with silicon, which functions to moderate the electronic characteristics of the ruthenium.